Outsourcer Serco may need funds

Rupert Soames set to join Serco this week

OUTSOURCING firm Serco – at which former Aggreko chief executive Rupert Soames is due to take the helm on Thursday – last night warned that it may need to raise funds to strengthen its balance sheet.

In an announcement made after the market closed, the company said in preparation for Soames’ arrival and its AGM next week it had been reviewing performance so far this year which it said had been “more challenging than expected”.

“It has now become evident in the light of recent performance that we may need to reassess the level of risk implicit in the assumptions underlying our forecasts. This may in turn require a material downward revision to expectations, and for us to review the appropriateness of our financing position,” it said.

The firm said a further announcement will be made as soon as possible this week.